Net Asset Backing 1.91 cents

We wish to advise that the unaudited net asset backing per Widespread Portfolios share, as at 8 am on 23 May 2008, was 1.91 cents.

The fully diluted NTA per share, assuming all the remaining warrants are exercised, ranges between 1.95 cents a share (assuming all are exercised by 30 June 2009 @ $1.986 and $2.186) and 2.44 cents a share (assuming all the remaining warrants are exercised @ $2.986 and $3.286 between 1 July 2009 and 30 June 2012). 

For and on behalf of the Board,

Chris D Castle

Onekaka, 23 May 2008